Unable to get sharesave money returned from Capita

GraniteShards

I had a SAYE / sharesave scheme with Capita for a company I worked at circa 2014-2016. Obviously I appreciate that was a really long time ago. When I left the company, I was under the impression that the SAYE scheme would stay in place and that I didn't need to close it down at that time. Back then I was in my early twenties and didn't have a good understanding of finances or how these schemes work so I will totally hold up my hands and say that I should have handled it much sooner. What with various home moves and other life circumstances, it never seemed problematic that the money was still with them and I trusted that my money was 'safe'. I know I should have got this sorted years ago, but at the time I was living in circumstances that meant this was at the back of my priorities out of necessity. I'm now in circumstances where I really need to get that money back.

Over the past few years I've been trying periodically to get in touch with them, over phone, email and in writing. However the original contact details I had for the relevant department are no longer in use - emails bounce, numbers don't work etc. I've never had a response to the written letters that I've sent. Now when I go to the Capita website they no longer seem to have any working direct phone numbers (if you call general enquiries you are told by an automated message to go to the website or email General Enquiries, which I've already done). Any contact information I can find online seems to relate to other aspects of Capita such as PIP payments, but what I need is to talk to someone about my historic sharesave scheme. The automated email response I received from filling in the enquiry form just said 'This will be passed on to the relevant department' but I'm skeptical as to whether the message will even reach a human.

I'm wondering if anyone has any knowledge on what I can do in these circumstances besides repeatedly contacting General Enquiries? Are there are any third party organisations who are able to assist with something like this?

eskbanker

Is your old employer able to assist?

GraniteShards

@eskbanker I've been in contact with them before to verify my IVC number and things like that. The last time I was in contact with my old company they said that I needed to contact Capita myself but after seeing your comment I've reached out to them again just in case there's any up to date contact information they can provide. Thanks

Veteransaver

Are you sure you haven't been paid out already. Normally I thought sharesave schemes automatically liquidate your holding when you cease to work for the company 

Delburn

I think this is the current contact details for the former Capita share plan administration business:

https://eu.mpms.mufg.com/get-in-touch/shareholders-in-uk-companies/

Capita sold the business to Link in 2017.  MUFG purchase Link in 2023.

DasTechniker

Veteransaver said:

Are you sure you haven't been paid out already. Normally I thought sharesave schemes automatically liquidate your holding when you cease to work for the company 

I would mirror the above remark. In my experience with two different companies running a share scheme, I was paid out on leaving their employment.

vacheron

Veteransaver said:

Are you sure you haven't been paid out already. Normally I thought sharesave schemes automatically liquidate your holding when you cease to work for the company 

If you are a "good leaver" (redundancy, retirement, ill health) etc. you are often given the option to continue to contribute for up to 6 further months, but at the end of this you would be given the option to either take the money or purchase shares at the original option price. 

If you are a "bad leaver" (disciplinary, resignation) etc. You can only take back the money already deposited. 

I've no idea what happens if you elect to do neither as I have never experienced anyone who has chosen the "don't give me money" option before!  

wmb194

OP, can you find the scheme's terms and conditions? They must say what happens when you leave and do nothing. If you don't have a copy you can often find them via Google.

GraniteShards

Thanks everyone for all your advice, I really appreciate the swift responses! As I said in my original post, at the time I was a decade younger and had no clue whatsoever about how these things worked, which is totally on me for not getting it sorted sooner. 

@Delburn You are a total lifesaver! I had no idea that Capita had sold that side of their business, no wonder I was getting no traction when trying to contact them! I've just got off the phone from the shareholder helpline that was in the link you posted and should be able to get it processed now!

For anyone curious, it looks like I can only get back the funds that I put in, but at this point that's still a win for me.

Thanks again all

Veteransaver

vacheron said:

Veteransaver said:

Are you sure you haven't been paid out already. Normally I thought sharesave schemes automatically liquidate your holding when you cease to work for the company 

If you are a "good leaver" (redundancy, retirement, ill health) etc. you are often given the option to continue to contribute for up to 6 further months, but at the end of this you would be given the option to either take the money or purchase shares at the original option price. 

If you are a "bad leaver" (disciplinary, resignation) etc. You can only take back the money already deposited. 

I've no idea what happens if you elect to do neither as I have never experienced anyone who has chosen the "don't give me money" option before!  

It depends on whether this was buying options or actually buying the shares each month. If the latter, then if you are a good leaver then they should sell them on your behalf and give you the gross proceeds (I had this when I was made redundant years ago, it's a really a good way to save tax as you could buy the shares net of tax after you knew you were being made redundant but then sell them and rake the proceeds tax free.)
If a bad leaver then I thought they should give you the net proceeds, so you'd still benefit if the price had gone up but you'd pay income tax or NI on it?